The stock market reportedly plunged on Monday amid the rising inflation under US President Joe Biden’s administration.
According to the reports, the Dow plunged by 2 percent, leaving the index at 12 percent, the lowest point of the year as the Nasdaq Composite dropped by 4.3 percent.
“The stock market is tanking again today, meaning we are rapidly approaching the stock market turning negative for the 18 months Joe Biden has been in office. It’s truly remarkable how Biden is failing on every possible issue simultaneously. I’ve never seen anything like it.” American political commentator Clay Travis said.
Moreover, in the report released by the Wall Street Journal, it was revealed that tech and energy stocks have also fared at worst.
“Markets have been shaken this year by a flurry of investor worries. Inflation is running at its fastest pace in decades. That has forced the Federal Reserve to kick off what economists anticipate will be its most aggressive monetary policy tightening campaign since the 1980s.” The report read.
“Investors are questioning whether the Fed will be able to pull off its planned course of interest-rate increases and cuts to its balance sheet without tipping the economy into recession.” It added.
Meanwhile, the cryptocurrency Bitcoin also dropped by 15 percent on Monday.
However, despite the obvious drop in the stock market, Biden still claimed that America’s economy is great under his watch.
Furthermore, recent reports revealed that the GDP dropped by 1.4 percent in the 1st quarter while the inflation is at 8.5 percent, the highest since 1981.
